518 3Rd StPembroke, NC 28372

Property Details for 518 3Rd St

Year built

2024

Lot size

0.88 AC

Property size (Sq ft)

1,992 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a fee-simple, 1,992 square foot Popeyes restaurant located at 518 W 3rd St, Pembroke, NC 28372. The property boasts a new 15-year Absolute NNN lease with a corporate guarantee, commencing August 10, 2024, and expiring August 31, 2039, leaving a substantial 14.8 years remaining. The lease includes attractive 10% rent increases every five years, minimizing landlord responsibilities. The property sits on a 0.88-acre lot and benefits from a 6.15% cap rate and a current NOI of $162,500. The asking price is $2,642,000. This Class A property is situated in a high-traffic retail corridor with over 15,500 vehicles per day, and is less than half a mile from UNC Pembroke, a university with over 7,500 students and 420+ faculty. The surrounding area shows robust retail activity, with over 325,000 square feet of retail space within a one-mile radius boasting 0% vacancy and over 3,700 square feet absorbed in the past year. Nearby national tenants include Jersey Mike's, Circle K, Cook Out, McDonald's, and Burger King. This is a rare opportunity to acquire a new construction Popeyes, built to their newest prototype, in a high-growth market with a strong, creditworthy tenant and a secure, long-term lease. The lease includes three five-year renewal options. 100% occupancy is currently maintained.

Location Insight

City

Pembroke

County

Robeson

State

North Carolina

Latitude

34.6832

Longitude

-79.1988

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